Vusumuzi Dube
Judith Phiri, Business Reporter
THE Zimbabwe National Chamber of Commerce (ZNCC) has called on its members and the wider business community not to panic and make decisions based on inaccurate market information on claims of unfunded Nostro balances.
This follows fake statements allegedly made by certain banks, and shared via social media, purporting that funds held in foreign currency accounts (FCAs) popularly referred to as Nostro accounts were not foreign exchange and that the said banks were deactivating the use of international debit or credit cards such as MasterCard.
In a statement, ZNCC said upon enquiry with the Reserve Bank of Zimbabwe (RBZ) they have learnt that it was just false information.
The ZNCC closely follows the financial sector developments in the country’s economy, with a view to ensure that the interests of its members are safeguarded.
This is in keeping with part of the Chamber’s constitutional mandate to “promote, improve and encourage the development of trade and commerce in Zimbabwe.”
“The financial sector plays a crucial role in the economy and the Chamber notes with concern the unconfirmed claims circulating in social media on unfunded Nostro balances and alleged restrictions in withdrawing cash against them.
Upon enquiry with the central bank, we learnt that it was just false information,” said the ZNCC.
ZNCC said on further enquiry with the central bank to get a deeper understanding of the actual position in the financial sector, particularly on the actual performance of local Nostro transactions, it was assured that the Nostro balances and liquidity in the overall banking system were safe and secure and can still be used for external payments as has been the case.
The business lobby organisation said so far, none of its members have experienced challenges with transacting using their local Nostro accounts.
“We urge our members and the wider business community not to panic and make decisions based on inaccurate market information.
We also urge monetary authorities and the financial sector at large to continue fostering financial prudence and transparency to safeguard this sensitive sector of the economy in the interests of stability, economic growth, and development.”
In a statement on Friday, the RBZ Governor Dr John Mangudya advised and reassured the public that there was sufficient foreign exchange in the market to satisfy all needs and demands of banks’ customers.
He said the foreign exchange liquidity position of banks stands at 60 percent in both cash and balances held with foreign corresponding banks, while stating the statements allegedly made by certain banks and shared via social media should be disregarded.
“The statements were uncalled for as they do not represent the true state of the foreign exchange liquidity position in the economy.”
The banks cited as having advised the public that they were deactivating card services, have since issued statements distancing themselves from the information circulating on social media.
Online Reporter